lilliepoll
New Member
Hopefully this is the right place to ask this.My DH along with his 2 siblings inherited mineral rights from their parents.There was one producing property in this inheritance.Income from producing property was split 3 ways.Recently DH sold his 1/3 of all the mineral rights.
Question: Since the property was an inheritance and the income from the sale was a one time thing how do we claim this on our income tax this year to keep from having to pay so much tax on it? We will get someone who knows what they are doing to figure our taxes for us but am just curious in the meantime.I am getting really nervous (and upset) that we are going to have to pay approximately 1/4 of this money in taxes.Bummer!!
Question: Since the property was an inheritance and the income from the sale was a one time thing how do we claim this on our income tax this year to keep from having to pay so much tax on it? We will get someone who knows what they are doing to figure our taxes for us but am just curious in the meantime.I am getting really nervous (and upset) that we are going to have to pay approximately 1/4 of this money in taxes.Bummer!!
